This paper studies the effects that borrowing constraints have on savings and growth and argues that, though they … increase savings, their effect on growth is ambiguous. Empirical evidence on the extent of borrowing constraints as well as … savings, investment, human capital accumulation and growth performance for industrialized countries is presented. A simple …

This paper is concerned with the theory of saving when consumers are not permitted to borrow, and with the ability of … such a theory to account for some of the stylized facts of saving behavior. When consumers are relatively impatient, and …

We provide a direct, experimental test of the buffer stock model of savings behavior. We use a three-period inter …-temporal model of consumption/savings decisions where liquidity in the second period is constrained (and, thus, borrowing is not … liquidity constraint does not increase savings in the first period of the constrained model relative to the first period of the …

correlated with other variables that describe the subject's financial situation, like savings and shocks to income and …

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings … in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of … standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub …